The Bank of Maldives (BML) has inaugurated construction on a 364-unit residential development in Hulhumalé, marking a significant expansion of the nation’s housing infrastructure. The ceremony was presided over by President Dr Mohamed Muizzu, who served as guest of honour alongside a delegation including the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib; the BML Chairperson, Ahmed Ali Habeeb; and the Chief Executive Officer, Mohamed Shareef.
The project, awarded to the domestic firm AMIN Construction Private Limited, will feature two residential towers comprising three-bedroom apartments of 900 square feet each. This endeavour is a central component of a mandate led by the BML Affordable Home Leasing Company, a subsidiary established by the bank to execute the Inclusive National Affordable Housing initiative. In total, the subsidiary plans to construct 3,260 high-quality, three-bedroom units, with officials projecting completion by mid-2028.
The broader housing portfolio is strategically distributed, with 300 units planned for Villimalé and 2,960 units allocated across Phases I and III of Hulhumalé, where practical work has already commenced. To execute this large-scale undertaking, the bank has partnered with a consortium including the China Machinery Engineering Corporation and the Beijing Urban Construction Group, alongside local firms FW Construction and Rasheed Carpentry and Construction.
Also in attendance were the leasing company’s Managing Director, Hassan Shaam, and AMIN Construction representatives Mohamed Irfaan, Ibrahim Imran Abdulla, and Ibrahim Nihad.